No worries: Safe savings options

Growing your money is all about making tradeoffs. Sometimes it’s worth taking a chance on an investment with a potentially higher payoff. Other times you’re better off playing it safe with slow and steady growth — which is especially true if your nest egg or retirement is on the line. 

By and large, the safest way to grow your money is in a certificate of deposit (CD), a money market account or even your checking and savings accounts. These accounts are all insured by the National Credit Union Administration for up to $250,000, so you know your money is safe. Guaranteed. 

Choosing the right safe savings account is all about weighing flexibility versus payoff. So which type of account is right for you? 

Here’s a comparison of safe savings options to help you earn the highest possible interest rate — even when you’re being cautious.

Savings with flexibility

While savings and checking accounts typically offer lower returns, the advantages are obvious. You have immediate and unconditional access to your money. Minimum balances are low, allowing easy entry regardless of your financial situation. And if you’re an OCCU member, you’ll still earn competitive interest rates compared to other financial institutions. 

For maximum access to your money, our Activate Rewards Checking account pays 2.00% APY on balances up to $20,000¹ as long as you meet our monthly qualifications. All you need to do is make 12 debit card charges a month, maintain active enrollment in eStatements and complete at least one automatic deposit each month. 

If you prefer to keep your savings separate from your spending money, a savings account still allows you to freely access your money (without any qualifications to meet) while earning even more interest. Our Ignite Savings account, for example, pays 5.25% APY on the first $500 you deposit and competitive rates on the rest.⁴ 

Saving with bigger rewards 

A CD is a savings account that grows at a guaranteed higher rate — without exposing your money to the ups and downs of the stock market. The tradeoff is that you won’t be able to access your money for a while. CD terms can range from six months to five years; the longer the term, generally the larger the return. If you withdraw your money early, you’ll have to pay a penalty. 

The takeaway 

OCCU members have their choice of the safest saving options available. Whether you’re looking to invest long-term with a CD or invest while keeping your savings accessible with Ignite Savings, we’ve got you covered. Open your OCCU savings or CD account today!